Invest To Upskill

Upskilling can help you scale up your future, professionally as well as financially

Invest To Upskill
Invest To Upskill
Aditya Damani - 03 April 2021

The pandemic has presented an unprecedented challenge not only to our health, but also to our work lives and finances. With companies closing doors, job losses, pay cuts, the pandemic has caused a financial upheaval, which many may find difficult to face. With the world changing rapidly, skills are becoming obsolete quickly and the best way to thrive in this environment is to upskill and future-proof your career.

The Fourth Industrial Revolution has brought about a change in every industry, increasing demand for new skills. As per Future of Jobs Report, by 2022, about 54 per cent of employees across the globe would need re-and upskilling.

While learning on the job does help you brush up your skills, but actively expanding skills by taking up a relevant upskilling course can proactively help in career progression, thereby generating higher earnings and over time more wealth.

Upskilling has become easier

Pursuing an upskilling course is easy as many companies are now taking the online route, providing training in the form of a virtual class, e-learning content, micro learning modules and more. Towards the end of the course, the candidate is provided with a certification of completion or excellence that stands as solid proof of honing the skills. Moreover, the Indian edtech sector is also booming with companies like UpGrad, AttainU, Board Infinity offering a plethora of courses for every industry-type in association with top Global universities. The edtech companies also play a matchmaker between recruiters and professionals pursuing the course.

Gateway to better opportunities

Companies are now looking for a digitally agile workforce. Pursuing upskilling courses in AI, machine learning, robotics, data science, digital marketing helps you enhance your competencies, enabling you to take on challenges and continue staying relevant to the job. Furthermore, you can also pursue upskilling courses in industries such as health and beauty, cooking, childcare, management and others.

Gauging the skills you require

How you go about choosing the skills you require depends highly on the industry and the organisation you are working with or aspire to work for. However, choosing the course that is relevant to your profile is the key, as it will help you enhance your skill, contribute more on the table and further increase your prospects of gaining more monetary benefits. To get an understanding of the skills you need to master, brainstorm and create a list of the things you want to achieve. Think about the performer you admire? What is the kind of lifestyle you want to lead? Which skills excite you the most? You can also take up a career guidance session to gain more clarity or taking up a psychometric test to get an understanding would also help you decide.

Finding the right course

When you are looking to invest in upskill, going by the trending courses seems to be a lucrative option. Amidst the surge of courses, you may get muddled about finding the right course. Therefore, you must evaluate various career options, the flexibility of the course-part-time or full-time, check for reviews, Understand the extent of the topics covered, do a brief comparison, and even do a cost comparison. Talk to professionals who have already done the course to get a better understanding of what you can expect from it. Assess if the course would help you get the job of your dreams or would help you get a bigger role in your current organisation.

Looking for financing options

With the growing demand for upskilling courses, many lenders have now started offering loan facilities, enabling professionals to pursue the course of their choice without worrying about the fee. Employed professionals or job seekers having zero credit history or low credit score can apply for loan even with a score as low as 650. Fintech and credit card companies are offering ‘no cost & easy EMI’ facilities for upskilling courses, providing instant approvals and disbursals, further making it easy for the applicant to get started with the course. Loans for such courses are provided for tenure of 3 - 36 months, making it easy for individuals to repay the amount easily, without any hassles.

Moreover, many fintech players work on an income share agreement basis wherein the professional pursuing the course can pay the EMI after securing a job.

Watch your income grow

Upskilling can help you scale up your future not only in professional terms but also financially. You can expect an earnings growth from 30 per cent to 60 per cent that can further help you build a strong financial corpus! More importantly, boost your confidence and the longevity of your career by acquiring the right skills.

The author is Founder - Credit Fair

DISCLAIMER: Views expressed are the authors' own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.